TFSAs still underused – sorry, Mr. Flaherty

When Finance Minister Jim Flaherty introduced the Tax-Free Savings Account (TFSA) to Canadians in his 2008 budget speech, he hailed the tool as “the single most important personal savings vehicle since the introduction of the RRSP.

Nearly five years later, it hasn’t quite worked out that way.

A CIBC-Harris Decima poll conducted last year found that 47 per cent of Canadians reported having a TFSA, but among those who did, only 47 per cent had contributed to the vehicle that year. Fully 41 per cent reported that they lack plans for their TFSA-invested funds.